Crypto Exchange Traffic Climbs 8% With Renewed Investor Attention – Bull Market Starting?
Traffic to the top 20 cryptocurrency exchanges surged by 8% in October amid renewed interest among retail investors as the 2024 U.S. elections drew closer. Data from ICO Analytics shows the uptick mirrors growing participation and optimism in the crypto markets.
Pump Fun led the pack with a 100% increase in monthly visits, while BullX and Uniswap followed with 78% and 42% growth, respectively.
Binance, WhiteBit, and Coinbase Dominate in Terms of Traffic
Major players Binance, WhiteBit, and Coinbase dominated total traffic, attracting 54 million, 33 million, and 30 million visits, respectively, for the month. The spike in activity coincided with a rally in cryptocurrency markets, aligning with the so-called “Uptober” trend—an expectation of October gains after a quieter summer trading period.
The momentum gained further traction on November 6, when the U.S. elections produced market-moving results, including a pro-crypto victory for former President Donald Trump. Bitcoin surged to record highs following these developments, supported by several bullish indicators.
Open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange rose by $1.1 billion, while expectations of lower interest rates and strong inflows into Bitcoin exchange-traded funds (ETFs) added fuel to the rally. BlackRock’s IBIT Bitcoin ETF recorded a historic trading day with $4.1 billion in volume, reflecting heightened institutional interest.
Stablecoin inflows also signaled growing confidence, with $9.3 billion moving into exchanges on November 7, often interpreted as a precursor to further market gains. As Bitcoin climbed, Ethereum (ETH) regained momentum, breaking past the $3,000 mark.
Inflows into Ethereum ETFs turned positive after months of lackluster performance, suggesting shifting sentiment among investors. The confluence of increased exchange activity, supportive macroeconomic factors, and a surge in institutional interest suggests the cryptocurrency market may be entering the early stages of a new bull run.
Bitcoin Overtakes Meta to Claim 9th Spot
Bitcoin has climbed to the 9th position in global market capitalization rankings, surpassing Meta Platforms (Facebook) amid a rally driven by optimism surrounding Donald Trump’s win in the 2024 presidential elections. With a market cap of $1.46 trillion and a price of $73,800 per Bitcoin, the cryptocurrency has edged out Meta, which holds a market cap of $1.445 trillion.
Notably, this is not the first Bitcoin has overtaken Meta. Back in March, the leading cryptocurrency also surpassed the company after it hit a new record high above $73,000. The list of top assets by market cap includes major technology giants and precious metals, with Gold leading at $18.359 trillion, followed by NVIDIA at $3.431 trillion, and Apple at $3.377 trillion. Other leading companies include Microsoft, Amazon, and Alphabet (Google).
“The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset,” Ryan Lee, Chief Analyst at Bitget Research, said in a comment. “If Trump were to win, BTC could continue driving the market higher without major pullbacks, potentially reaching even greater highs.”
